NGL Energy Partners LP Common Units (NGL) Q4 2024 Earnings Call Transcript


NGL Energy Partners LP Common Units (NYSE:NGL) Q4 2024 Earnings Conference Call June 6, 2024 5:00 PM ET

Company Participants

Brad Cooper – Chief Financial Officer
Mike Krimbill – Chief Executive Officer

Conference Call Participants

Tarek Hamid – J.P. Morgan
Gregg Brody – Bank of America
Jason Mendel – RBC
Ned Baramov – Wells Fargo


Greetings. Welcome to the NGL Energy Partners 4Q ’24 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to your host, Brad Cooper, CFO. You may begin.

Brad Cooper

Good afternoon and thank you to everyone for joining us on the call today. Our comments today will include plans, forecasts, and estimates that are forward-looking statements under the US Securities Law. These comments are subject to assumptions, risks, and uncertainties that could cause actual results to differ from the forward-looking statements. Please take note of the cautionary language and risk factors provided in our presentation materials and our other public disclosure materials.

Fiscal 2024 was a transformational year for NGL. These are some of the key highlights from the year. In the first quarter, we purchased approximately $100 million of notes with the proceeds from the Marine asset sale that closed on March 30, 2023. In the third quarter, we launched an open season on the Grand Mesa Pipeline, resulting in a 20,000 barrel per day MVC for five years.

In the fourth quarter, the LEX II project was announced. Recall, this project is underwritten by an MVC with an investment grade counterparty and an extension of an existing acreage dedication with the same counterparty.

During the third quarter, we internally kicked off our global refinancing that we

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